CBS's board of directors is set to discuss allegations of sexual misconduct against Chairman and CEO Leslie Moonves on Monday, a person familiar with the matter told CNBC.

Ahead of its quarterly earnings this week, the board is scheduled to meet via conference call this Monday and is expected to select a special committee to oversee the investigation.

Shares of CBS fell 5 percent Monday, adding to a 13-percent decline so far this year.

It remains unclear whether the media company's controlling shareholder, Shari Redstone, will participate in the regularly scheduled meeting, according to a separate report in Deadline, which first reported on the board's plans to address the allegations. Moonves and Redstone have been waging a public and hostile war over CBS's attempts to stem Redstone's control over company.

Moonves said in a statement to The New Yorker, "I recognize that there were times decades ago when I may have made some women uncomfortable by making advances. Those were mistakes, and I regret them immensely. But I always understood and respected — and abided by the principle — that 'no' means 'no,' and I have never misused my position to harm or hinder anyone's career."

A source says the conference call will take place mid-day and Leslie Moonves is currently in Los Angeles.